SEC Awards $3M to Another 5 Whistleblowers

​The US Securities and Exchange Commission (SEC) announced that it has awarded five individuals with totally over $3 million for information provided in three different enforcement actions.

As detailed in the announcement, one of the five individuals received nearly $1.8 million for providing information that would have been difficult to detect in the absence of the tip and providing extraordinary assistance to SEC staff resulting in the return of money to investors.

In the second order, the SEC awarded a total of approximately $750,000 to two whistleblowers. The first whistleblower provided a detailed tip that prompted the opening of the investigation and received an award of more than $500,000. In awarding this whistleblower, the SEC exercised its discretion to waive the TCR filing requirement. The second whistleblower, who received more than $250,000, provided new information that resulted in the inclusion of additional allegations in the covered action. Both whistleblowers provided substantial assistance, including participating in interviews and providing subject matter expertise.

Another $400,000 was jointly awarded to the other two whistleblowers for providing analysis that prompted the opening of an investigation that led to the SEC's enforcement action and providing substantial and continuing assistance during the course of the investigation.

"Today the Commission issued awards to multiple whistleblowers whose information and assistance proved critical to several enforcement matters," said Jane Norberg, Chief of the SEC's Office of the Whistleblower.  "In the first quarter of FY2021, the SEC has made whistleblower awards of almost $170 million to 17 individuals, which is already near the record dollar amount reached last fiscal year."

The SEC has awarded approximately $731 million to 123 individuals since issuing its first award in 2012.